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由于接受投资企业的经营环境的不确定和企业自身主观努力的程度不同,可能导致出资者的目标难以实现。为了避免和消除这种风险,出资者必须对其初始投资进行必要的调整,也即存量资本结构调整。存量资本结构调整将会在资本规模、资本结构、控制权和战略调整等方面影响出资者权益。出资者对存量资本结构调整的行为控制主要包括风险识别、重组效应、结构调整三个方面,其中重组效应、结构调整属于风险控制的范畴。
Due to the uncertainty of the business environment of the companies receiving the investment and the degree of their own subjective efforts, the objectives of the funders may be difficult to achieve. In order to avoid and eliminate this risk, funders must make necessary adjustments to their initial investment, that is, the adjustment of the stock capital structure. The adjustment of the stock capital structure will affect the rights of funders in terms of capital size, capital structure, control rights, and strategic adjustments. The behavior control of funders’ adjustment to the structure of stock capital mainly includes three aspects: risk identification, reorganization effect, and structural adjustment. Among them, reorganization effect and structural adjustment belong to the category of risk control.